How Do Exchanges Attempt to Prevent Manipulation of the Final Settlement Price?

Exchanges use robust methodologies to calculate the final settlement price, often relying on a "Reference Rate" or "Index Price." This typically involves taking a volume-weighted average price (VWAP) of the underlying asset across multiple major, reputable exchanges over a defined time window. This averaging across time and multiple venues makes it significantly harder for a single entity to manipulate the price at a specific moment or on a single platform.